MikeLigalig.com

By CECILIA YAP and CLARISSA BATINO (BLOOMBERG)

MANILA, Philippines — San Miguel Corp., the Philippines’ biggest company, is in talks to make “several big acquisitions,” including two businesses with a combined revenue of $6 billion that may be purchased this year.

“Our appetite is still quite strong” for acquisitions, President Ramon Ang said in an interview yesterday, three weeks after announcing a $500-million airline investment. The two companies that may be bought this year are in the energy and telecommunications industries and operate in Asia, he said, declining to elaborate further.

San Miguel has expanded from food and drinks to industries including oil, power and infrastructure to meet a target of doubling sales. Buying almost half of Philippine Airlines Inc. and low-cost affiliate Air Philippines Corp. will boost San Miguel’s sales this year to almost $20 billion, at least three years ahead of target, Ang, 58, said in an interview in Manila.

The Philippines’ most acquisitive company “sees more lucrative businesses that’s why it continues to realign its portfolio,” Astro del Castillo, managing director at First Grade Finance Inc., said by phone yesterday.

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=49787.0